9514 1404 393
Answer:
11
Step-by-step explanation:
The future value of the account is given by the formula ...
A = P(1 +r/12)^(12t) . . . . principal P invested at rate r for t years
Solving for t, we find ...
A/P = (1 +r/12)^(12t) . . . . . . . . . . . divide by P
log(A/P) = 12t·log(1 +r/12) . . . . . . take logs
Divide by the coefficient of t, then fill in the numbers.
t = log(A/P)/(12·log(1 +r/12)) = log(202800/93000)/(12·log(1 +.068/12))
t ≈ 11.497
It will take about 11 years for the account balance to reach the desired amount.
